European shares boosted by results from BP, banks
LONDON, April 30
LONDON, April 30 (Reuters) - European equities gained on Tuesday, bolstered by string of forecast-beating results and by expectations of more central bank stimulus - a key factor behind the 11-month long run of stock market gains.
BP gained 3.1 percent after a strong performance in the oil major's trading division lifted profits.
Banks, however, were the best performing sector after UBS, Deutsche Bank and Lloyds all beat forecasts for first-quarter results.
"Due to lower loan provisions, banks are actually able to beat expectations on earnings. Now we are on a path where the profitability of global banks is improving," said Peter Garnry, head of equity strategy at Saxo Bank.
"I would expect financials to do well this quarter, probably ... the best sector, and also to do well next quarter."
Banks added 0.9 points to the pan-European FTSEurofirst 300 index, which was up 0.5 percent at 1,208.50 points by 0704 GMT, taking its April gains to 1.6 percent and heading for an 11th consecutive monthly rise.